Romania's Real Wage Correction
Romania has witnessed a significant decline in real net wages, with a 5% year-over-year (y/y) drop in August.
The nominal wage contracted for the second consecutive month, with a 2.4% month-over-month (m/m) decrease, while the headline inflation rate accelerated to 9.9% y/y from 5.7% y/y two months prior, according to the National Institute of Statistics (INS).
The net wage reached RON 5,387 (EUR 1,063) in absolute terms.
This correction is the steepest since July 2010, when public sector wages were cut by 25% and the VAT rate increased from 19% to 24% to address a budget crisis.
This time, budgetary sector wages will remain steady for two years, with a VAT rate increase from 19% to 21%.
No direct quote available in the given text.
Author's summary: Romania sees steep real wage drop.
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